After $766M Bitcoin, Ethereum Loss, Babel Plans to Launch ‘Rec | Bitcoin Insights

After $766M Bitcoin, Ethereum Loss, Babel Plans to Launch ‘Recovery Coin’

Babel estimates $524 million worth of Bitcoin, Ether and other tokens owned by the company and its customers was lost as a result of Wang’s trading activities. Another $224 million was also lost when Babel counterparties liquidated collateral after it was unable to meet a large volume of margin calls.

Citing a recent filing viewed, Bloomberg reported that the crypto lender has proposed paying back debts to creditors with revenue earned via a new DeFi project. Dubbed “Babel Recovery Coins,” a top executive is banking on a new stablecoin to help sort out its financial crisis.

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